Permanent Life Insurance

Life Insurance To Age 100

As the name implies, permanent life insurance is the type of
insurance that you will keep for a lifetime.

This type of life insurance
can never be taken away from you. It never expires.

The face amount of
the policy will be paid upon the death of the insured. The premiums
remain level for as long as you keep the policy.

Some types of life
insurance which are considered to be permanent life insurance policies
are whole life insurance in all its different forms, universal life
insurance and variable life insurance.

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Permanent Life Insurance Types

Whole Life Insurance

As mentioned above
whole life insurance
is permanent type life insurance policy. Here is how it works.

Guaranteed Death Benefit And Premiums.

The whole life policy has a guaranteed death benefit
which remains level for as long as the policy is in force. This policy
remains in force for the rest of your life even if it is to age 100.

The
premiums are guaranteed to remain level for the duration of the policy.
Whole life insurance is a true permanent insurance policy. It can never
be canceled by the life insurance company.

Cash Value Accumulation.

All whole life insurance policies have guaranteed cash values,
which are available to you if the occasion should arise where you need
to put your hands on some cash in an emergency.

You can take the cash in
the form of a loan or you can surrender the policy. The cash value in
this permanent policy, or whole life policy usually accumulates free of income taxes.

Dividends.

For a very long time the incentive to buy permanent life insurance was the cash value and
dividend
you would receive when you owned such a policy.

Most whole life
insurance policies participate in the gains and surplus of the life
insurance company, they earn dividends as a result. You can elect to
take your dividends in cash, you can leave them to accumulate interest, you can elect to have them purchase paid up additions or apply them to the reduction of your premiums.

Paid up additions are single premium life insurance policies purchased
by a single years dividend and added to your policy. These paid up
additions also have cash values and earn dividends. Dividends are not
guaranteed.

Universal Life Insurance

Another type of permanent life insurance policy is the
universal life insurance policy. This type of insurance is a combination of term life insurance coupled with a saving element.

Universal life insurance can be described as an adjustable benefit life
insurance with flexible premiums. This affords you the privilege of
adjusting the amount of insurance to fit your needs. you can also adjust
the amount applied to saving.

Depending on the amount of insurance
requested evidence that you are in good health may be required. Account
values of a universal life insurance policy grow tax deferred.

Variable Life Insurance

Variable life insurance
is yet another type of permanent life insurance policy. This type of
insurance allows you to invest the bulk of your premiums in one or more
investment funds such as stocks, bonds, money market etc. You also have
the right, to switch from one investment to another.

The policy has a
guaranteed death benefit. Because this variable life insurance policy
can be considered an investment, and because you are investing in
securities, any illustration or proposal must be accompanied by a
prospectus.

The agent who sells these policies must have a license to
sell life insurance in the state where he is domiciled as well as an NASD license. You are urged to read the prospectus carefully before committing to the purchase of this policy.

Variable Universal Life Insurance

Variable universal life insurance
combines permanent life insurance with a diversified investment
portfolio. You have the option of deciding how much of your hard earned
dollars go into investments and how much is applied to the purchase of
life insurance.

Like the variable life insurance policy the proposal for
this permanent policy must be accompanied by a prospectus. The agent
must have a state license to sell life insurance as well as an
NASD license.

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